THE REMITTANCES OF FOREIGN EXCHANGE AND INVESTMENT IN FOREIGN EXCHANGE BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1991.NO. 41 OF 1991.[18th September, 1991.]An Act to provide for certain immunities to persons receiving remittances in foregin exchange and to persons owning the Foreign
\nExchange Bonds and for certain exemptions from direct taxes in relation to such remittances and bonds and for matters connected therewith or incidental thereto.<\/p>\n
WHEREAS the position relation to balance of payments has become difficult and it is necessary to attract large inflow of foreign exchange;<\/p>\n
AND WHEREAS With a view to attracting such inflow of foreign exchange, it is expedient to provide for certain immunities and exemptions to render it possible for certain persons to receive the said remittances in foreign exchange and to own the said Bonds;<\/p>\n
2.BE it enacted by Parliament in the Forty-second Year of the
\nRepublic of India as follows:–<\/p>\n
CHAPTER I<\/span><\/strong><\/p>\n PRELIMINARY<\/span><\/strong><\/p>\n 1.Short title and extent.<\/p>\n 1. Short title and extent. (1) This Act may be called the \u00a0<\/p>\n CHAPTER IIREMITTANCES OF FOREIGN EXCHANGE<\/p>\n \u00a0<\/p>\n <\/span><\/strong><\/span><\/strong>2.Definitions.<\/p>\n \u00a0<\/p>\n 2. Definitions. In this Chapter, unless the context otherwise requires,–<\/p>\n (a) “recipient” means a person as defined in clause (31) of section 2 of the Income-tax Act, 1961 (43 of 1961.) who receives any remittance under this Chapter;<\/p>\n (b) “remittance” means remittance made in foreign exchange by any person resident outside India to a person resident in Explanation.– For the purposes of this clause, “specified date” means the 1st day of December, 1991 or such other later date as the Central Government may, by notification in the (c) all other words and expressions used in this Chapter but not defined and defined in the Foreign Exchange Regulation Act, 3.Immunities.<\/p>\n 3. Immunities. (1) Notwithstanding anything contained in any other law for the time being in force,–<\/p>\n (a) no recipient, who claims immunity under this Chapter in accordance with such scheme as the Reserve Bank of India may, by notification in the Official Gazette, specify for the purposes of receiving remittances under this Chapter, shall be required to disclose, for any purpose whatsoever, the nature and source of the remittance made to him;<\/p>\n (b) no inquiry or investigation shall be commenced against the recipient under any such law on the ground that he has received such remittance;<\/p>\n (c) the fact that the recipient has received a remittance shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any such law.<\/p>\n 3.(2) Nothing in sub-section (1) shall apply–<\/p>\n (a) to any foreign exchange which is required to be brought into India under any of the provisions of–<\/p>\n (i) the Foreign Exchange Regulation Act, 1973; (46 of (ii) the Income-tax Act, 1961, (43 of 1961.) read with the Foreign Exchange Regulation Act, 1973, (46 of 1973.) if the period within which such foreign exchange is to be brought into India has not expired or where such period has been extended, in any manner, by the Central Government or the Reserve Bank of India or any other authority, such extended period has not expired on the date of commencement of this Act;<\/p>\n (b) in relation to prosecution for any offence punishable under Chapter IX or Chapter XVII of the Indian Penal Code, (45 of (3) The Central Government shall cause the scheme notified under clause (a) of sub-section (1) to be laid, as soon as may be after it is notified, before each House of Parliament.<\/p>\n 4.Remittances not to be taken into account in certain cases.<\/p>\n 4. Remittances not to be taken into account in certain cases. (a) any remittance received under this Chapter shall not be taken into account for the purpose of any proceeding under the Explanation.–For the avoidance of doubt, it is hereby declared that the provisions of the Income-tax Act, 1961 (43 of (b) any remittance received under this Chapter shall not form part of the assets of any assessee for the purposes of computing his net wealth under the Wealth-tax Act, 1957 (27 of \u00a0<\/p>\n CHAPTER IIIINVESTMENT IN FOREIGN EXCHANGE BONDS<\/p>\n <\/span><\/strong><\/span><\/strong><\/p>\n \u00a0<\/p>\n 5.Definitions.<\/p>\n 5. Definitions. (1) In this Chapter, unless the context otherwise requires,–<\/p>\n (a) “Foreign Exchange Bonds” means the Bonds, issued by the 4.Explanation.– For the purposes of this clause, ” specified date” means the 1st day of December, 1991 or such other later date as the Central Government may, by notification in the (b) “non-resident Indian” means an individual, being a citizen of India or a person of Indian origin who is resident outside India.<\/p>\n Explanation 1.– A person shall be deemed to be of Indian origin if–<\/p>\n (i) he, or either of his parents or any of his grand- (ii) he at any time held an Indian passport:<\/p>\n Provided that the nationals of Pakistan or Bangladesh shall not be deemed to be of Indian origin.<\/p>\n Explanation 2.– A spouse (not being a national of Pakistan or Bangladesh) of a person of Indian origin shall also be deemed to be of Indian origin;<\/p>\n (c) “overseas corporate body” means any institution, association or body, whether incorporated or not, established under the laws of a country outside India wherein any non- (d) all other words and expressions used in this Chapter but not defined and defined in the Foreign Exchange Regulation Act, (2) The Central Government shall cause the scheme notified under clause (a) of sub-section (1) to be laid, as soon as may be after it is notified, before each House of Parliament.<\/p>\n 6.Immunities.<\/p>\n 6. Immunities. (1) Notwithstanding anything contained in the (a) no non-resident Indian or overseas corporate body who or which owns the Foreign Exchange Bonds or any person resident in (b) no inquiry or investigation shall be commenced against any of the persons referred to in clause (a) under any of the said Acts on the ground that such person owns such Bonds;<\/p>\n (c) the fact that any of the persons referred to in clause 5.(2) Nothing in sub-section (1) shall apply to foreign exchange which is required to be brought into India under any of the provisions of–<\/p>\n (i) the Foreign Exchange Regulation Act, 1973; (46 of 1973.) (ii) the Income-tax Act, 1961, (43 of 1961.) read with the 7.Foreign Exchange Bonds not to be taken into account in certain cases.<\/p>\n 7. Foreign Exchange Bonds not to be taken into account in certain cases. Without prejudice to the generality of the provisions of section 6,–<\/p>\n (a) the provisions of the Income-tax Act, 1961 (43 of 1961.) (b) the provisions of the Wealth-tax Act, 1957 (27 of 1957.) (c) the provisions of the Gift-tax Act, 1958 (18 of 1958.) V. S. RAMA DEVI, Secy. to the Govt. of India<\/p>\n \u00a0<\/p>\n *************************************************************<\/p>\n THE PLACES OF WORSHIP (SPECIAL PROVISIONS) ACT 1991.NO. 42 OF 1991.[18th September, 1991.]<\/p>\n An Act to prohibit conversion of any place of worship and to provide for the maintenance of the religious character of any place of worship as it existed on the 15th day of August, 1947, and for matters connected therewith or incidental thereto.<\/p>\n BE it enacted by Parliament in the Forty-second Year of the 1.Short title, extent and commencement.<\/p>\n 1. Short title, extent and commencement. (1) This Act may be called the Places of Worship (Special Provisions) Act, 1991.(2) It extends to the whole of India except the State of Jammu and Kashmir.<\/p>\n (3) The provisions of sections 3, 6 and 8 shall come into force at once and the remaining provisions of this Act shall be deemed to have come into force on the 11th day of July, 1991.2.Definitions.<\/p>\n 2. Definitions. In this Act, unless the context otherwise requires,–<\/p>\n (a) “commencement of this Act” means the commencement of this Act on the 11th day of July, 1991;<\/p>\n 2.(b) “conversion”, with its grammatical variations, includes alteration or change of whatever nature;<\/p>\n (c) “place of worship” means a temple, mosque, gurudwara, church, monastery or any other place of public religious worship of any religious denomination or any section thereof, by whatever name called.<\/p>\n 3.Bar of conversion of places of worship.<\/p>\n 3. Bar of conversion of places of worship. No person shall convert any place of worship of any religious denomination or any section thereof into a place of worship of a different section of the same religious denomination or of a different religious denomination or any section thereof.<\/p>\n 4.Declaration as to the religious character of certain places of worshipand bar of jurisdiction of courts, etc.<\/p>\n 4. Declaration as to the religious character of certain places of worship and bar of jurisdiction of courts, etc. (1) It is hereby declared that the religious character of a place of worship existing on the 15th day of August, 1947 shall continue to be the same as it existed on that day.<\/p>\n (2) If, on the commencement of this Act, any suit, appeal or other proceeding with respect to the conversion of the religious character of any place of worship, existing on the 15th day of August, Provided that if any suit, appeal or other proceeding, instituted or filed on the ground that conversion has taken place in the religious character of any such place after the 15th day of August, (3) Nothing contained in sub-section (1) and sub-section (2) (a) any place of worship referred to in the said sub- (b) any suit, appeal or other proceeding, with respect to any matter referred to in sub-section (2), finally decided, settled or disposed of by a court, tribunal or other authority before the commencement of this Act;<\/p>\n (c) any dispute with respect to any such matter settled by the parties amongst themselves before such commencement;<\/p>\n (d) any conversion of any such place effected before such commencement by acquiescence;<\/p>\n (e) any conversion of any such place effected before such commencement which is not liable to be challenged in any court, tribunal or other authority being barred by limitation under any law for the time being in force.<\/p>\n 3.5.Act not to apply to Ram Janma BhumiBabri Masjid.<\/p>\n 5. Act not to apply to Ram Janma BhumiBabri Masjid. Nothing contained in this Act shall apply to the place or place of worship commonly known as Ram Janma Bhumi-Babri Masjid situated in Ayodhya in the State of Uttar Pradesh and to any suit, appeal or other proceeding relating to the said place or place of worship.<\/p>\n 6.Punishment for contravention of section 3.6. (1) Punishment for contravention of section 3. Whoever contravenes the provisions of section 3 shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.<\/p>\n (2) Whoever attempts to commit any offence punishable under sub- (3) Whoever abets, or is a party to a criminal conspiracy to commit, an offence punishable under sub-section (1) shall, whether such offence be or be not committed in consequence of such abetment or in pursuance of such criminal conspiracy, and notwithstanding anything contained in section 116 of the Indian Penal Code, (45 of 1860.) be punishable with the punishment provided for the offence.<\/p>\n 7.Act to override other enactments.<\/p>\n 7. Act to override other enactments. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any law other than this Act.<\/p>\n 8.Amendment of Act 43 of 1951.8. Amendment of Act 43 of 1951. In section 8 of the (a) in clause (i), the word “or” shall be inserted at the end;<\/p>\n (b) after clause (i), as so amended, the following clause shall be inserted, namely:–<\/p>\n “(j) section 6 (offence of conversion of a place of worship) of the Places of Worship (Special Provisions) Act, THE REMITTANCES OF FOREIGN EXCHANGE AND INVESTMENT IN FOREIGN EXCHANGE BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1991.NO. 41 OF 1991.[18th September, 1991.]An Act to provide for certain immunities to persons receiving remittances in foregin exchange and to persons owning the Foreign Exchange Bonds and for certain exemptions from direct taxes in relation to such remittances and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28],"tags":[118,117,116,120,121,119],"class_list":["post-660","post","type-post","status-publish","format-standard","hentry","category-banking-insurance-acts-rules","tag-bare-acts","tag-law","tag-legal","tag-notifications","tag-of-india","tag-rules"],"yoast_head":"\n
\nRemittances of Foreign Exchange and Investment in Foreign Exchange
\nBonds (Immunities and Exemptions) Act, 1991.(2) It extends to the whole of India.<\/p>\n
\nIndia on or after the date of commencement of this Act but before the specified date, in the form of draft, travellers cheques, cheques drawn on banks situated outside India telegraphic transfers, mail transfers, money orders or by way of transfer from Non-resident (External) Account, Foreign Currency Non-
\nresident Account or Foreign Currency Non-resident Special Deposit
\nAccount maintained in India under the rules made under the
\nForeign Exchange Regulation Act, 1973. (46 of 1973.)<\/p>\n
\nOfficial Gazette, specify in this behalf;<\/p>\n
\n1973 (46 of 1973.) shall have the meanings respectively assigned to them in that Act.<\/p>\n
\n1973.) or<\/p>\n
\n1860.) the Narcotic Drugs and Psychotropic Substances Act, 1985,
\n(61 of 1985.) the Terrorist and Disruptive Activities
\n(Prevention) Act, 1987, (28 of 1987.) the Prevention of
\nCorruption Act, 1988 (49 of 1988.) or for the purpose of enforcement of any civil liability.<\/p>\n
\nWithout prejudice to the generality of the provisions of section 3,–<\/p>\n
\nIncome-tax Act, 1961 (43 of 1961.) and, in particular, the recipient shall not be entitled to claim any set-off or relief in any assessment, re-assessment, appeal, reference or other proceeding under that Act or to re-open any assessment or re-
\nassesment made under that Act on the ground that he has received such remittance.<\/p>\n
\n1961.) will apply to any income which accrues or arises or is deemed to accrue or arise to the recipient from the amount of the remittance;<\/p>\n
\n1957.) in relation to any assessment year commencing before the
\n1st day of April, 1992.<\/p>\n
\nState Bank of India constituted under the State Bank of India
\nAct, 1955 (28 of 1955.) in accordance with such scheme as the
\nReserve Bank of India may, by notification in the Official
\nGazette, specify in this behalf, the investment wherein is made on or after the date of commencement of this Act but before the specified date.<\/p>\n
\nOfficial Gazette, specify in this behalf;<\/p>\n
\nparents, was a citizen of India by virtue of the
\nConstitution or the Citizenship Act, 1955; (57 of 1955.) or<\/p>\n
\nresident Indian has any interest;<\/p>\n
\n1973, (46 of 1973.) shall have the meanings respectively assigned to them in that Act.<\/p>\n
\nWealth-tax Act, 1957, (27 of 1957.) the Gift-tax Act, 1958, (18 of
\n1958.) the Income-tax Act, 1961, (43 of 1961.) the Foreign Exchange
\nRegulation Act, 1973 (46 of 1973.) and the Foreign Contribution
\n(Regulation) Act, 1976,– (46 of 1976.)<\/p>\n
\nIndia to whom a gift of such Bonds has been made by such nonresident Indian or overseas corporate body, shall be required to disclose, for any purpose whatsoever, the nature and source of the investment in such Bonds;<\/p>\n
\n(a) owns such Bonds shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any of the said
\nActs.<\/p>\n
\nor<\/p>\n
\nForeign Exchange Regulation Act, 1973, (46 of 1973.) if the period within which such foreign exchange is to be brought into
\nIndia has not expired or where such period has been extended, in any manner, by the Central Government or the Reserve Bank of
\nIndia or any other authority, such extended period has not expired on the date of commencement of this Act.<\/p>\n
\nshall not apply to any interest accruing in relation to the
\nForeign Exchange Bonds;<\/p>\n
\nshall not apply in relation to the Foreign Exchange Bonds;<\/p>\n
\nshall not apply where any non-resident Indian becomes a resident in India and makes a gift of the Foreign Exchange Bonds.<\/p>\n
\nRepublic of India as follows:–<\/p>\n
\n1947, is pending before any court, tribunal or other authority, the same shall abate, and no suit, appeal or other proceeding with respect to any such matter shall lie on or after such commencement in any court, tribunal or other authority:<\/p>\n
\n1947, is pending on the commencement of this Act, such suit, appeal or other proceeding shall be disposed of in accordance with the provisions of sub-section (1).<\/p>\n
\nshall apply to,–<\/p>\n
\nsections which is an ancient and historical monument or an archaeological site or remains covered by the Ancient Monuments and Archaeological Sites and Remains Act, 1958 (24 of 1958.) or any other law for the time being in force;<\/p>\n
\nsection (1) or to cause such offence to be committed and in such attempt does any act towards the commission of the offence shall be punishable with the punishment provided for the offence.<\/p>\n
\nRepresentation of the People Act, 1951, in subsection (1),–<\/p>\n
\n1991,”.<\/p>\n","protected":false},"excerpt":{"rendered":"